Private equity firm Hellman & Friedman has reportedly initiated the sale process for Enverus, a Texas-based energy software provider.

The could value the company at approximately $6bn, reported Reuters citing sources familiar with the matter.

The private equity firm has engaged Citi’s investment bankers to manage the potential transaction.

The sale has garnered interest from various private equity entities and industry companies, although it is still in the preliminary stages, the news agency cites sources as saying.

The sale process is said to be in its early stages, with various options being considered. These include the possibility of selling a partial stake in Enverus.

However, the sources cautioned that no agreement is guaranteed, the report said.

Genstar Capital, which previously sold Enverus to Hellman & Friedman in 2021 for $4.25bn, retains a minority interest in the company.

Citi and Genstar have declined to comment, while Hellman & Friedman and Enverus have not responded to requests for comment, Reuters said.

Enverus is engaged in providing software, data, and analytics services to firms in the oil and gas sector.

The platform offers comprehensive analytics and insights. It provides benchmark cost and revenue data sourced from over 95% of US energy producers and more than 40,000 suppliers.

The company reportedly generates about $400m in annual EBITDA and could be valued at nearly 15 times that figure, according to the sources.

In 2024, Bloomberg reported that Enverus’ private equity backers were preparing for either a sale or an initial public offering of the business.